Xbtusdtoday
XBTUSD Market Structure Analysisif you have your market view, please share it in comments
Also you can ask me questions...
Have a great day everyone!
Spring OR Bust?Watching this one unfold... Ready to make a move after the market seems to have decided. It is still a decent trade (RISK) to go long with a TIGHT STOP BUT their has been NO SIGN of a reversal (bear market being over) so the TREND IS STILL YOUR FRIEND UNTIL PROVEN DIFFERENTLY. Stay safe and do not jump into a trade.
XBTUSD FLAG PATTERN Flag formation occurred. Points that need to be broken , destinations are specified on the chart.
XBTUSD INVERSE HEAD AND SHOULDERSIt is possible to form the opposite shoulder and Shoulder formation. Wait for the neck line to break. The goals are indicated on the chart.
Should Bitcoin complete Bearish Flag pattern ??XBTUSD Technical Overview:
Pivot: $6342
Day Trading Range: $6250 - $6630
Key Resistance: $6410 - $6450 - $6520 - $6585 - $6620
Key Support: $6364 - $6338 - $6281 - $6230 - $6150
Technical Indicator:
Moving Average: Price is above SMA 55($6390) strong support & below SMA 100($6492) strong resistance for the day.
RSI: Indicator show upside bias, moving above 50 level.
Technical Trade Idea:
Most Likely Scenario Short below $6342 with target $6300 - $6250 in extension.
Alternative Scenario Long above $6342 with target $6450 - $6520 in extension.
Overall, XBTUSD price action the recent range-bound behavior has formed a bearish flag pattern. Bearish flag pole is around $1000 from the top to the bottom for the pole, should the bears breakout, could force Bitcoin doing to the $5500 territory.
Technically, given the mentioned flag patter formation, it does suggest XBTUSD could be vulnerable to a breakout to the downside. If playing by the textbook, the flag pole of the bearish flag is around $1000 in value, which could see a $1000 drop, should the bears pick up momentum and cause a breakout to the downside. Near-term support eyed at $6200-100. Resistance to the upside seen at the upper part of the flag and current range, $6600.
Thanks
YoCryptoManic
Bitcoin Eye targetting $6464 TodayXBTUSD Technical Overview:
Pivot: $6311.4
Key Resistance: $6354.5 - $6397.17 - $6431.5 - $6465.83 - $6542.43
Key Support: $6277.5 - $6243.17 - $6200.5 - $6157.83 - $6080.3
Technical Indicator:
Moving Average: SMA200 ($6392.43) & SMA100 ($6452.78) Strong Resistance for Bitcoin today.
RSI: RSI lacks downward momentum (above 50 level), forming a symmetric triangle, getting ready for BIG move.
Most Likely Scenario Long position above $6311 with target $6397 - $6430 in extension.
Alternative scenario Short below $6230 with target $6150 - $6080 in extension
Overall, the upside for Bitcoin and the broader market were comments from the SEC Commissioner that were crypto friendly, the Commissioner stating that the government shouldn’t pin back the expansion of the cryptomarket by limiting the release of new crypto products.
While U.S Commissioner Peirce is considered to be on the “For” side of the crypto camp, the comments were certainly supportive following a string of Bitcoin ETF applications being declined.
As the markets prepare for the Mt.Gox flood of cryptocurrencies, a Bitcoin ETF approval and inflow of institutional money would be quite timely, particularly when considering the fact that institutional money should smoothen out the volatility, though ultimate influence may well reside with the Bitcoin whales.
Thanks
YoCryptoManic
Bitcoin, Still No Good News From EU RegulationsBitcoin Technical Analysis
Day Trading Range: $6400 - $6755
Key Resistance: $6574 - $6653 - $6755
Key Support: $6488 - $6430 - $6372
Technical Indicators:
MACD: MacD showing heavy volume in upside bias.
Moving Avg: SMA50 ($6352.20) Strong Support & SMA100 ($6735.50) Strong Resistance for the day.
Technical Most Likely Scenario: Long Above $6400 with target $6650 - $6780 in extension.
Alternative Scenario: Short Below $6350 with target $6280 - $6200 in extension.
Fundamental:
Market anxiety over the EU Finance Ministers’ meeting on Thursday eased as the day progressed, supporting the 2nd half of the day rebound across the crypto majors, with the news wires silent on the discussions behind closed doors, fears of an intent to roll out heavy handed EU specific rules and regulations for the cryptomarket having contributed to the downward pressure through the first half of the week.
No news was good news as far as investors were concerned, with any news that has trickled from EU Finance Ministers suggesting that intentions are not to cripple the market.
Thanks
YoCryptoManic
